Foreclosure Investing: Beware Of Scams

byJohn ClarkonApril 14, 2007

Making money through foreclosure investing is completely legal. However, as with any potential money making plan there are always those out there trying to take your cash off of you. Some of the most successful are not through the sale of illegal property but on courses and seminars that promise to make you a property investment millionaire overnight. In this article we will look at some of these promises and what you can likely expect for your money.

No one becomes and expert overnight. Those that make property their careers work extremely long hours to achieve their goals. Many of these successful property investors are self taught experts. They started out looking at listing and pounding the pavement in neighborhoods getting a feel for what they were like. One of the largest scams going is property investment seminars. Some of these do provide some useful information but they are usually a forum for the guest or keynote speaker to sell their books and computer programs. These seminars are usually expensive and don’t teach you anything you can’t find out on your own for free.

Beware of any courses taught by cash investors. This again is a ruse for the investors to find properties and for them to take your money. You don’t need to sign up for an expensive course in foreclosure investing to find your capital. If your idea is good, you should be able to find plenty of people wanting to jump on board.

Finally, beware of personal counselors wanting to advise you for a fee. Many times this is a money making scam. You shouldn’t have to pay to find a cash investor. They will come to you if your project is likely to make them money. Local investment clubs are great places to start. You can get valuable information and meet with possible future investors.

It is true that you have to spend money to make money. However, you need to spend money in the right places. Expensive courses and seminars are usually not worth it. The majority of the time they don’t give you anything you can’t find out for yourself. The best advice is, save that money for you foreclosure investment.